Greenwood2
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Post by Greenwood2 on Jun 11, 2021 16:44:11 GMT
Yes, I only get monthly updates on one I have with a problem. Strange, I don't get any monthly updates on my troublesome loans.
Ace , you can find the Updates by going into that Loan (My Loans -> current Investments) and clicking the Loan Updates tab. I haven't seen any where they are past end of term with no update, I have looked at quite a few of mine and out of interest some others (but obviously haven't looked at all of them), but it would seem quite rare to not get an update if the loan term has 'ended'. Any loan numbers I should look at? Pure curiosity.
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mah
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Post by mah on Jun 11, 2021 17:27:03 GMT
I mean email updates. I can see the updates under the Loan Updates Tab - no probs there.
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michaelc
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Post by michaelc on Jun 11, 2021 21:08:56 GMT
I would like to know how many loans have shall we say "updates" out of the total loan book. Why would I need to spend a few hours to write some scripts to find out that information and why doesn't the FCA mandate that it and other relevant information is published ?
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SteveT
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Post by SteveT on Jun 11, 2021 21:21:10 GMT
I would like to know how many loans have shall we say "updates" out of the total loan book. Why would I need to spend a few hours to write some scripts to find out that information and why doesn't the FCA mandate that it and other relevant information is published ? You forget that SoMo is not a regulated P2P platform (I’m glad to say)
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Mousey
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Post by Mousey on Jun 11, 2021 22:09:07 GMT
Newcastle Upon Tyne on Monday:
SOCIAL MONEY LIMITED -v- SAND*** & SAND*** - SUSPEND WARRANT - 30 MIN - BTMM
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Greenwood2
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Post by Greenwood2 on Jun 12, 2021 6:55:01 GMT
I would like to know how many loans have shall we say "updates" out of the total loan book. Why would I need to spend a few hours to write some scripts to find out that information and why doesn't the FCA mandate that it and other relevant information is published ? It is published in the loan details for each loan. As far as I can see all the 'ended' (ie, past term) loans have updates.
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Greenwood2
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Post by Greenwood2 on Jun 12, 2021 7:03:29 GMT
I mean email updates. I can see the updates under the Loan Updates Tab - no probs there. They don't send email updates on loans (at least I've never seen any), but the ones for your loans are also displayed on the dashboard page of your account so very visible. I usually read my new ones when I log in to check the interest payment each month.
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michaelc
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Post by michaelc on Jun 12, 2021 11:37:15 GMT
I would like to know how many loans have shall we say "updates" out of the total loan book. Why would I need to spend a few hours to write some scripts to find out that information and why doesn't the FCA mandate that it and other relevant information is published ? It is published in the loan details for each loan. As far as I can see all the 'ended' (ie, past term) loans have updates. Yes but why do I need to scroll through 25 pages of loans keeping a tally of which are overdue and which are not ? Why isn't the number just published? (amongst others) These are stats that are pretty well standardised across all p2p platforms and they could be made to publish figures on them.
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ilmoro
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Post by ilmoro on Jun 12, 2021 12:28:04 GMT
It is published in the loan details for each loan. As far as I can see all the 'ended' (ie, past term) loans have updates. Yes but why do I need to scroll through 25 pages of loans keeping a tally of which are overdue and which are not ? Why isn't the number just published? (amongst others) These are stats that are pretty well standardised across all p2p platforms and they could be made to publish figures on them. To reiterate SteveT's point. They cant be made to do anything. The other "P2P" platforms are FCA regulated and required to comply with specific reporting standards. BC are not subject to these requirements as they are not a regulated P2P platform.
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michaelc
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Post by michaelc on Jun 12, 2021 12:58:49 GMT
Yes but why do I need to scroll through 25 pages of loans keeping a tally of which are overdue and which are not ? Why isn't the number just published? (amongst others) These are stats that are pretty well standardised across all p2p platforms and they could be made to publish figures on them. To reiterate SteveT's point. They cant be made to do anything. The other "P2P" platforms are FCA regulated and required to comply with specific reporting standards. BC are not subject to these requirements as they are not a regulated P2P platform. 1/ Perhaps they ought to be. They used to promote themselves as the " social lending platform". Peers are pooling cash to lend to borrowers albeit via the platform. They also state on the front page of their website: " Social Money Limited is authorised and regulated by the Financial Conduct Authority". If there are reasons that doesn't apply, those reasons are also technical, obscure and also need to be sorted out. 2/ The other "specific reporting standards" are clearly inadequate
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Greenwood2
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Post by Greenwood2 on Jun 12, 2021 13:37:10 GMT
To reiterate SteveT's point. They cant be made to do anything. The other "P2P" platforms are FCA regulated and required to comply with specific reporting standards. BC are not subject to these requirements as they are not a regulated P2P platform. 1/ Perhaps they ought to be. They used to promote themselves as the " social lending platform". Peers are pooling cash to lend to borrowers albeit via the platform. They also state on the front page of their website: " Social Money Limited is authorised and regulated by the Financial Conduct Authority". If there are reasons that doesn't apply, those reasons are also technical, obscure and also need to be sorted out. 2/ The other "specific reporting standards" are clearly inadequate They are regulated for certain activities which they spell out and specifically exclude p2p. The whole sentence (my bold): 'Social Money Limited is authorised and regulated by the Financial Conduct Authority with Firm Reference Number: 675283 for certain regulatory activities such as credit broking, debt adjusting, debt administration, debt collecting and debt counselling activities and consumer buy to let loans. Investors: The loans that Social Money Limited make are secured over property ("the Security”) and the Security is held on trust for investors. The loans that you make are not regulated by FCA and they are not covered by the Financial Services Compensation Scheme.'
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ilmoro
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Post by ilmoro on Jun 12, 2021 13:52:00 GMT
To reiterate SteveT's point. They cant be made to do anything. The other "P2P" platforms are FCA regulated and required to comply with specific reporting standards. BC are not subject to these requirements as they are not a regulated P2P platform. 1/ Perhaps they ought to be. They used to promote themselves as the " social lending platform". Peers are pooling cash to lend to borrowers albeit via the platform. They also state on the front page of their website: " Social Money Limited is authorised and regulated by the Financial Conduct Authority". If there are reasons that doesn't apply, those reasons are also technical, obscure and also need to be sorted out. 2/ The other "specific reporting standards" are clearly inadequate 1/They are indeed 'authorised & regulated by the FCA' for specific activities relating to consumer credit & debt but not for 'operating an electronic platform in relation to lending' ie article 36h P2P so are not required to operate in line with regulations pertaining to that, including specific reporting requirements. They actually specifically identify which permissions they hold in their regulator statement footer and that the loans are unregulated. If investors dont understand the meaning then they probably shouldnt be investing. There may be reporting requirements relating to their activities but I havent looked. Social lending may well be a misleading term to investors who make assumptions/connections to P2P but probably less so than say Savingstream, which wasnt saving, you couldnt listen to music/watch TV/films or get wet (though did end up taking a bath) which is probably why one company was asked to change their name by the FCA & the other apparently hasnt. 2/ Not sure what you mean - the FCA requirements are fairly specific and platforms required to provide considerable information now on their loan books and performance.
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p2pfan
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Post by p2pfan on Jun 12, 2021 14:58:42 GMT
If SoMo don't have to provide as much information on overdue loans or not due to their regulatory status, that is not the essential point: they should want to not just match those standards but exceed them. That's the route to success.
SoMo are truly brilliant in so many ways and SoMo are one of my favourite platforms, but they are generally opaque regarding the loans one invests into and the business itself. Therefore one is largely investing on the basis of 'trust' and their prior track-record (which has been excellent).
With so many P2P platforms having suddenly gone to the wall, investing significant sums on the basis of mere 'trust' or track-record is not something I or anyone else can risk. Outside of the P2P space as well, I've lost huge sums of money with investments that were paying like clockwork month-in month-out for 8-10 years and then, a few months after I started lending my money to/through them, I discover one day they've suddenly gone into Administration.
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criston
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Post by criston on Jun 12, 2021 15:45:27 GMT
We have probably been in & out of 50 loans over the past year or two, which includes redemptions & secondary market sales.
Have had 2 problem loans, which rolled over interest.
Strangely, have never been advised of any single late payments & all (except the 2 problem loans) have been paid on the 1st of the month.
One problem loan, which looked to me very unlikely to receive full payment eventually paid out 100%. The updates were informative apart from any figures when the loan paid out.
The other problem one is still ongoing, but at 29% LTV I am not worried about.
My conclusion is that the reason they keep secretive about their record, is that they maintain their 100% pay out record (if that is still the case) by footing the bill themselves for any losses.
They continue to be one of my preferred platforms.
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Greenwood2
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Post by Greenwood2 on Jun 12, 2021 19:44:21 GMT
We have probably been in & out of 50 loans over the past year or two, which includes redemptions & secondary market sales. Have had 2 problem loans, which rolled over interest. Strangely, have never been advised of any single late payments & all (except the 2 problem loans) have been paid on the 1st of the month. One problem loan, which looked to me very unlikely to receive full payment eventually paid out 100%. The updates were informative apart from any figures when the loan paid out. The other problem one is still ongoing, but at 29% LTV I am not worried about. My conclusion is that the reason they keep secretive about their record, is that they maintain their 100% pay out record (if that is still the case) by footing the bill themselves for any losses.They continue to be one of my preferred platforms. Well they must be very generous. I haven't seen any 'suspicious' pay outs, loans have either paid on time or been pursued through the courts (some of which have also been documented by mousey). Why would they leave loans running late for months or years and then have to pay lenders back not only the capital and interest to the end of term, but also default interest until they randomly decided to pay lenders back maybe years later? If this was a policy you would think they would have all loans apparently pay back on time, recover any late loans themselves as usual and pocket any default interest.
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